"John R. Carroll" wrote in message
...
F. George McDuffee wrote:
On Tue, 20 May 2008 12:29:21 -0700, "John R. Carroll"
wrote:
snip
Finally, they begin to reset in the first quarter of 2009.
There are an order of magnitude more of these out there than there
are sub primes. Ten times more of them IOW.
All Federally insured........
snip
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Stick around folks -- you ain't seen nothin' yet....

Not twice as big, not three times as big, but 10 times as big!!!!
and that's just the alt-As.....

I am becoming far more concerned about McCain being Hoover II
than Bush III.

OK but you might want to expand that to include this.
Barak Obama will likely be the next President of the United States and his
election will need to be seen as legitimate for him to do what he'll have
to
as the reincarnation of FDR. Running against whoever the Republicans can
quickly enlist to replace McCain and beating that guy is a much more
troubling and certain reality. Who do you think they'll find in September
to
replace McCain?


And the band plays on....

Are you sure? What tune are they playing George?
You know, as the prosperity Americans have professed to want for the rest
of
the world takes hold it's entirely possible that the band will be composed
of people other than Americans. It's safe and even prudent these days to
ignore the US in the same way you'd ignore a three year old having a
temper
tantrum - as long as your deterent is adequate.


Yes, continuing prosperity formerly an American expectation, may well be
fleeting in the new century. All hail free markets. We loved them when we
were dominating. It looks like we're not going to think it's so great when
we aren't the winners in a global game of winner takes all Capitalism. When
after the 2nd world war the US was so far ahead of the rest of the world in
every category free market capitalism seemed like the cat's meow. With a new
century and equal or superior competitors on the horizon we may soon find
out exactly what the downside of Capitalism is. It's great when you are a
strong competitor and are consistently beating the competition for profits.
When it turns around, like it did for Britain and Spain, and you are
overtaken by bigger, tougher, competitors then you begin to see the problem
with Capitalism and free markets. Namely, there are a few big winners and a
whole bunch of losers. We used to win all the time and never dreamed we
would be replaced any more than we foresaw the end of the oil supply. Now
we're looking like a declining power and the future doesn't look like we're
going to be a world beater any more. Maybe Capitalism isn't so great for
most people on the planet. Maybe not for Americans either. We are going to
find out pretty quick. Right now there are about 1,100 billionaires in the
world whose wealth is about equal to that of 2 or three billion people. With
a distribution like that it's hard to see how the majority would be happy
with such a system. I'm sure the 1,100 are loving it though.

Hawke